How to Buy Elrond (EGLD) Right Now • Benzinga – Benzinga

Want to jump straight to the answer? You can buy EGLD on Voyager and Changelly.

Bitcoin is capable of just 7 transactions per second. When the network undergoes high demand, users have to wait hours to send or receive cryptocurrency. 

Ethereum, the leading smart contract enabled blockchain, can only process about 30 transactions per second. These low transaction throughputs result in expensive transactions and backlogging, an often frustrating experience for crypto users. 

Elrond (EGL) solves the problem of scalability on blockchain through its unique and innovative blockchain. It can handle 260,000 transactions per second — a capacity 5 times that of Visa.

Ready to invest in the speed of EGL? Learn how to buy Elrond (EGLD) now.

What is Elrond?

Elrond is a smart contract enabled blockchain network. Smart contracts are code that is uploaded to the blockchain. 

What makes smart contracts unique is their ability to hold cryptocurrency assets in escrow. Since smart contracts can hold assets, financial functions like loans, exchanges and insurance all become possible to automate through smart contracts. 

The most used example of a smart contract enabled blockchain is Ethereum. However, Ethereum has suffered from its scalability problems because it can only process about 30 transactions per second. What’s more, Ethereum transactions are expensive, which makes it infeasible to use Ethereum smart contracts unless you have significant capital. 

Elrond solves the problem of scalability through a process called sharding. Sharding makes it possible to compute multiple transactions at once through splitting the blockchain into shards. This way, computer nodes only have to process a portion of the blockchain’s data, making it possible for different computers to process separate transactions synchronously.

Elrond can support smart contracts just like Ethereum, but Elrond has much faster and cheaper transactions. Transactions on Elrond typically cost less than a cent, and you pay anywhere from $5 to $50 to send a transaction on Ethereum. 

What is eGold?

eGold (EGLD) is the native cryptocurrency used on Elrond’s platform. When the platform launched, the cryptocurrency was an ERC-20 token built on Ethereum. 

This past year, the platform has started migrating these ERC-20 tokens to eGold at a conversion rate of 1000:1. Since December 2020, eGold has risen from $9 to $138, an over a 1,500% return in just 3 months.

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eGold is meant to be a store of value on Elrond’s network, but it has several features of a utility token as well. eGold is needed to pay for transactions as well as governance on the network. 

Since the network is decentralized, eGold is used like a “voting share” in the network to vote on upgrade proposals to the network. And eGold can be staked on Elrond to power its network, and you can earn a high annual interest on your eGold through staking. 

Brief History of Elrond

Elrond was established by 3 co-founders: Beniamin Mincu, Lucian Mincu and Lucian Todea. These founders have an extensive background in blockchain and cryptocurrency. The Mincu brothers founded Metachain Capital, a cryptocurrency investment fund. Todea has a background in technology and has successfully started several startups in the past. 

The platform was conceived in 2017, and its initial exchange offering (IEO) launched in 2017. IEOs are similar to initial coin offerings (ICOs), but the launch operates directly on exchanges. 

Elrond token (ERD) was initially put up for sale at $0.00065 (which would be equal to $0.65 of eGold). Since then, the token’s price has appreciated about 210 times its initial value.

Step 1: Open an online account.

The first step to make your purchase is to make an online account with a cryptocurrency trading platform that supports eGold. The most well known exchanges that support eGold are eToro, Binance and Bitfinex. 

Of these, eToro is the easiest to use for most investors. No matter which crypto brokerage you choose to make an account with, you’ll need to provide personal information for tax purposes. Some information you’ll need to have to make an account include your full name, address, phone number, birthday and Social Security number.

Take a look at our top picks for online crypto platforms. 

1 Minute Review

Voyager is a leading name in the sphere of cryptocurrency investing, giving you access to over 50 tokens and coins. Buy, sell and swap assets using Voyager Crypto’s simple mobile platform available as a free download for iOS and Android users. 

When you invest through Voyager, you’ll pay nothing in commissions, which is a major benefit when compared to other cryptocurrency brokers. Voyager is also one of the only brokers we’ve seen that allows users to earn interest on their crypto investments. 

Though the broker could do more to improve its customer service, it’s an excellent option for beginner investors and seasoned professionals alike.

  • Simple, straightforward and intuitive mobile platform
  • Wealth of investment opportunities
  • Allows users to earn interest on select crypto investments
  • Only available for mobile users — no desktop platform
  • Limited routes to contact customer service team

Best For

Instant exchanges

Step 2: Buy a wallet (optional). 

It’s not recommended to keep your cryptocurrency assets on an exchange, as holding crypto on an exchange puts your assets at risk of being hacked. Many exchanges have had security breaches. Hackers have stolen an aggregate of billions of dollars of bitcoin from exchanges over the past 5 years. 

To mitigate this risk, you should store your cryptocurrency in a hardware or software crypto wallet. Software wallets are computer applications that store your cryptocurrency and are typically free to use. Hardware wallets are products you can buy to store your cryptocurrency on. 

Most hardware wallets are about the size of a USB stick, and they store your cryptocurrency offline, out of the reach of online hackers.